• British Chambers of Commerce comment on inflation figures

    • Share:
    June 19, 2019
    Commenting on the inflation statistics for May 2019, published today by the Office for National Statistics, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:
     
    “The easing in consumer prices in May is further evidence that the current trajectory for inflation remains muted, providing a welcome boost to consumer spending power. Falling transport fares, particularly air fares, due to the timing of Easter, placed the largest downward pressure on price growth in the month.
     
    “A number of transitory factors such as the recent decline in the value of sterling may lift consumer prices back above target in the coming months. However, as firms unwind historically-high stock levels, economic conditions are expected to weaken, which should keep inflation close to the Bank of England’s 2% target for some time to come.
     
    “With inflation relatively subdued, and against a backdrop of heightened political and economic uncertainty, the case for raising interest rates anytime soon remains weak, despite recent warnings by some MPC members. Instead there must be a greater focus on providing a clear path forward on Brexit and using the upcoming Spending Review and Autumn Budget to boost the UK’s growth prospects, including tackling the escalating burden of upfront costs, which continues to limit UK growth and productivity.”
  • Categories Categories

  • Did you know? Members can submit their own news and events to be posted on our website. Log in to get started

  • Connect with us Connect with us

  • Doncaster Chamber
    Keepmoat Stadium, Stadium Way, Doncaster, South
    Yorkshire, DN4 5JW

    Tel: 01302 640100
    Email: chamber@doncaster-chamber.co.uk

  • Subscribe to our newsletter Subscribe to our newsletter

  • * indicates required
  • About the Chamber About the Chamber

  • Doncaster Chamber is a membership organisation representing the Doncaster business community, and is accredited by the British Chambers of Commerce.

    Doncaster Chamber of Commerce and Enterprise. A company Limited by Guarantee. Registered in England 368978.

    Memorandum & Articles of Association.
    Privacy Policy.
    Safeguarding Policy.